"Men are disposed, as a rule, and on the average, to increase their consumption as their income increases, but not by as much as the increase in their incomes." Which of the following is consistent with this statement by J.M. Keynes?
a. The slope of the consumption function is positive and less than one.
b. The slope of the consumption function is greater than that of the 45-degree line.
c. The slope of the consumption function is negative.
d. The slope of the consumption function is equal to one.
a
Economics
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Refer to Figure 11-3. Which of the following would cause an economy to move from a point like A in the figure above to a point like B?
A) a technological regression B) a decrease in capital per hour worked C) an increase in capital per hour worked D) an improvement in technology
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The creation of the European Union is an example of Hayek's:
a. Human action b. Human design c. Spontaneous disorder d. None of the above
Economics